Dow’s losses deepen, Nasdaq Composite on track for worst day in 6 weeks as COVID fiscal talks come into focus

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The Nasdaq Composite Index Wednesday afternoon was on track for its sharpest one-day fall since late October and the broader market was declining as investors attempted to assess the likelihood of a further coronavirus relief package from Washington lawmakers, against the backdrop of rising cases and hospitalizations. The Nasdaq was trading 222 points, or 1.8%, lower at 12,360, which would represent its worst day since a 2.5% decline on Oct. 30, according to FactSet data. The S&P 500 index was off 0.8% at 3,672, while the Dow Jones Industrial Average was trading 0.5% lower at 30,028. Wall Street is watching negotiations centered on a number of possible relief packages as the Trump administration proposed a $916 billion package on Tuesday after Democrats rejected an effort by Senate Majority Leader Mitch McConnell to narrow the scope of the bill. The day’s action comes after the S&P 500 and the Nasdaq finished at record closing highs on Tuesday.
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